Australia's Leading Index Rises Slightly In April

The Westpac- Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to +0.82 percent in April from +0.77 percent in March.

The indicator remained in positive territory signaling above trend growth over much of the remainder of the year. The above trend growth over the last six months was driven by global commodity prices and US industrial production.

Bill Evans, chief economist at Westpac, said the conditions required to justify an interest rate increase are remote. Westpac continues to expect that the cash rate will remain on hold for the remainder of 2018 and 2019.

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